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Las crisis bancarias y el sistema monetario internacional en la Gran Depresión y en la actualidad

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  • Richhild Moessner
  • William A. Allen
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    Abstract

    Identificamos las semejanzas y las diferencias en la escala y la naturaleza de las crisis bancarias de 2008-2009 y de la Gran Depresión, y analizamos las diferencias en la respuesta de política a las dos crisis a la luz de los sistemas monetarios internacionales predominantes. Encontramos que la escala de la crisis bancaria, medida por la reducción internacional del endeudamiento de corto plazo y de los depósitos bancarios totales, fue menor en 2008-2009 que en 1931. Sin embargo, la provisión de liquidez del banco central fue mayor en el contexto de tasas de cambio flexibles de 2008-2009 que en 1931, cuando estaba limitada en muchos países por el patrón oro.

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    Bibliographic Info

    Article provided by Universidad Externado de Colombia - Facultad de Economía in its journal Revista de Economía Institucional.

    Volume (Year): 13 (2011)
    Issue (Month): 25 (July-December)
    Pages: 43-87

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    Handle: RePEc:rei:ecoins:v:13:y:2011:i:25:p:43-87

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    Related research

    Keywords: crisis bancarias; sistema monetario internacional; liquidez; Gran Depresión; banco central;

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    1. Bank for International Settlements, 2009. "An assessment of financial sector rescue programmes," BIS Papers, Bank for International Settlements, number 48, 8.
    2. Michael D. Bordo & Ehsan U. Choudhri & Anna J. Schwartz, 1999. "Was Expansionary Monetary Policy Feasible During the Great Contraction? An Examination of the Gold Standard Constraint," NBER Working Papers 7125, National Bureau of Economic Research, Inc.
    3. Miguel Almunia & Agustín S. Bénétrix & Barry Eichengreen & Kevin H. O'Rourke & Gisela Rua, 2009. "From Great Depression to Great Credit Crisis: Similarities, Differences and Lessons," NBER Working Papers 15524, National Bureau of Economic Research, Inc.
    4. Michael D. Bordo & Harold James, 2009. "The Great Depression Analogy," NBER Working Papers 15584, National Bureau of Economic Research, Inc.
    5. Douglas A. Irwin, 2010. "Did France Cause the Great Depression?," NBER Working Papers 16350, National Bureau of Economic Research, Inc.
    6. Ellis W. Tallman & Elmus R. Wicker, 2010. "Banking and financial crises in United States history: what guidance can history offer policymakers?," Working Paper 1009, Federal Reserve Bank of Cleveland.
    7. Harold James, 1992. "Financial flows across frontiers during the interwar depression," Economic History Review, Economic History Society, vol. 45(3), pages 594-613, 08.
    8. Jukka Pihlman & Han van der Hoorn, 2010. "Procyclicality in Central Bank Reserve Management," IMF Working Papers 10/150, International Monetary Fund.
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